RBI To Set Up Panel On Cyber Security Threats

Mumbai:The Reserve Bank on Tuesday announced setting up of the inter-disciplinary standing committee on cyber security to review the threats inherent in the existing and emerging technology.

The 11-member committee will also study adoption of various security standards and protocols, interface with stakeholders and suggest appropriate policy interventions to strengthen cyber security and resilience, the central bank said.

Going forward, the committee headed by Meena Hemchandra, Executive Director, RBI, can co-opt more experts and also operate through a framework of sub-committees to examine specific issues, it said.

Based on the recommendations of the Expert Panel on Cyber Security and Information Technology Examination, the RBI had issued guidelines to banks in June last year mandating cyber security preparedness to tackle cyber risks.

“While banks have taken several steps to strengthen their defences, the diverse and ingenious nature of cyber attacks necessitates an ongoing review of the cyber security landscape and emerging threats,” the RBI said.

The Statement on Developmental and Regulatory Policies, issued along with the sixth bi-monthly monetary policy statement on February 8, 2017, had proposed constitution of an inter-disciplinary standing committee on cyber security.